6.0. EDSR 07-10-1995 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
TO: ECONOMIC DEVELOPMENT AUTHORITY
COMMISSIONERS
FROM: LORI JOHNSON
DATE: JULY 7, 1995
SUBJECT: FINANCIAL STATEMENT
Last month a more detailed financial statement was distributed to the EDA Commissioners. The report
was revised and expanded in an effort to provide more detailed information on the financial activity of the
EDA. Bill Rubin and I discussed the May statement before it was distributed because there were some
areas that I felt may raise questions,and I wanted him to be aware of them and have answers to your
questions. However,I understand that there were some issues that need further explanation.
First,the city maintains its accounting records on a modified accrual basis. This means that expenditures
are recognized in the year in which they are incurred even though the cash transaction may not be
recorded in that year. Revenues are also recognized in the year in which they are earned even though the
cash may not be received until the following year. For this reason,adding the year to date revenues and
subtracting the year to date expenditures from the January cash balance will not equal the May cash
balance. I understand this caused some confusion on the May statement. The information on the May
statement was correct;if fund balance information was presented,you would see that adding the 1995
revenues and subtracting the 1995 expenditures from the January fund balance would equal the May fund
•,_ balance. However,since the cash balance is more often referred to,I did not include the fund balance
information and do not plan to add it to future statements unless you request that information.
Finally,the June statement is attached for your review. It has been revised and simplified. Please call
prior to the EDA meeting if you have questions on any of the information as presented. Additional
information can be provided if requested.
•
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420• Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
STATEMENT OF FINANCIAL ACTIVITY
for the EDA, Micro and DTED Loan Funds
for period ended June 30, 1995
IIIECONOMIC DEVELOPMENT AUTHORITHY
Cash Balance $ 3,265
Month to Year to Month to Year to
1995 Budget Date Date 1995 Budget Date Date
Revenues Expenditures
Property Tax 73,850 - 2,087 Personal Services 41,400 40 40
HACA 12,050 - - Supplies 800 545 931
Interest Income - 16 296 Other Crgs&Sry 28,700 683 9,477
Total Revenues 85,900 16 2,383 Contractual Service 9,100 - -
Transfers 1,000 - 1,000
Total Expenditures 81,000 1,268 11,448
MICRO LOAN FUND
Cash Balance $ 147,856
Month to Year to Month to Year to
Date Date Date Date
Revenues Expenditures
Application Fees - 480 Loans - 98,000.00
Interest Income - (1,607) Total Expenditures - 98,000.00
Loan Payments 11,053 55,970
Total Revenues 11,053 54,843
• Business Current Business Current
Alltool Grant Y Pomeroy Tool Y
Roma Tool Grant Y Designing Women Y
Second Generation Y Tescom Y
Indy Lube Y Woodsmen Quality Y
Beaudry Y Larose Y
R&D Sales Y Water Laboratories Y
Mork Clinic Y E R Automall Y
Americlnn Y T J Properties Y
DIED LOAN FUND
Cash Balance $ 37,701
Month to Year to Month to Year to
Date Date Date Date
Revenues Expenditures
Application Fees - - Loans - -
Interest Income - 591 Total Expenditures - -
Loan Payments 2,591 18,692
Total Revenues 2,591 19,283
S
7/7/95 STMT.XLS June